Even strengthening of dollar against euro was also discounted, he added.

At the New York Mercantile Exchange, light, sweet crude for July delivery rose 0.61 cents to $131.31 a barrel. In London, July Brent crude futures gained 68 cents to $131.70 a barrel on the ICE futures exchange.

Meanwhile, the world biggest oil producers and consumers will meet on June 22 in in the Saudi city of Jeddah to discuss record crude prices, that have sparked fears for the global economy.